Tag: Gold

Investors flee to gold

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Stock-shocked investors are fleeing to gold, pushing the precious metal to new heights.

Gold reached a new intraday high of $1,782.50 per ounce in electronic trading before backing down to $1,746.20. That’s an increase of $33, or about 2%, compared to its Monday close. On Monday, gold broke $1,700 for the first time.

The current flight to gold has been by a nasty stock market plunge. On Monday, the Dow Jones industrial average plummeted 624 points, or about 5.5%, and the Nasdaq and S&P 500 dropped nearly 7%. It was the worst day on Wall Street since the 2008 fiscal crisis.

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Swiss Economy

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companies feel rise of franc focus on specialty goods limits impact, but safe-haven role is costly
The European sovereign debt crisis roiling the global markets and the downgrade of the U.S. debt rating, combined with franc-denominated debts of Eastern European borrowers, have fuelled a huge demand for Swiss francs. By some measures, the currency is now as desired by investors as gold.

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Gold Weekly Fundamental Analysis for June 27-July 01, 2011

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Gold ended last week with heavy losses after the metal failed to sustain the gains versus the strong dollar and amid a heavy selloff on commodities.
This week, the downside pressures on gold might still be evident this week as the metal broke through critical support levels and accordingly the liquidations might still be evident especially amid heavy volatility in the market

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